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1st LD Writethru: Crude prices gain as U.S. dollar tumbles

Xinhua, June 19, 2015 Adjust font size:

Oil prices rose Thursday as U.S. dollar depreciated against other currencies. A weaker greenback made the dollar-priced crude less expensive and more attractive for buyers holding other currencies.

The U.S. dollar dropped as the Federal Reserve Wednesday signaled that it was on track to raise the interest rate this year. Analysts believed that the pace of rate hikes would be slower.

U.S. crude supplies of last week decreased 2.7 million barrels to 467.9 million, according to the Energy Information Administration (EIA)'s Wednesday weekly report.

U.S. crude production lost 21,000 barrels to 9.589 million barrels a day that week.

The upbeat U.S. economic data help to support the market. The Labor Department announced the advance figure for seasonally adjusted initial claims was 267,000 in the week ending June 13, a decrease of 12,000 from the previous week's unrevised level of 279, 000.

Light, sweet crude for July delivery moved up 53 cents to settle at 60.45 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery gained 39 cents to close at 64.26 dollars a barrel. Endite